Topic: What approach do you expect from the Government if your Country adopt bitcoin? - page 3. (Read 827 times)

I think the Philippines government had shown its approach to Bitcoin adoption.  Philippines Banks welcome Bitcoin purchases, while the government also acknowledges Bitcoin as a medium of exchange.  Aside from that, the Philippines government is currently implementing regulations on crypto exchanges under BSP and possible taxation of the crypto asset is possibly under discussion.

what many forget is that there are TWO economic plans...

the government investing in bitcoin is not a short term thing. they are not looking for a quick 'doubling' to then exit. the plan is to buy btc and hoard to hedge against the dollar on a 5-10 year strategy where the first few years is the buy up.
meaning no need to be checking the sell price of btc and value their hoard any time soon.
this means when the price goes down in the next few years, thats discount to buy more.. and is good for the country.
they are not valuing the hoard. they only see the price for opportunity to buy more
in short. you dont lose value on BTC unless you decide to sell at a loss.. no sell=no loss.
hoarding = dont look at the price for now. dont value you hoard at now prices if your not going to sell now.
...
the second economic plan is the citizen use of crypto/alternative to dollar.
this if educated well with the citizens could have gone a hell of alot better. aswell as having a good wallet/system in place without bugs/flaws to make citizens happy to use it.

the chivo wallet didnt give citizens 0.000588 btc upfront. instead it gave them a poorly designed wallet balance of $30 which could be converted to different things, by a poorly designed and under-educated system that had problems, via its altnet method of 'payments'

this citizen use of crypto economic plan is where the 'failure' happened. all because of many flaws in its inception, mainly due to the mis-understanding of what citizens were actually using and also integrating poorly made altnet that had its own flaws, bottlenecks and bad liquidity

this was not a 'bitcoin failed' scenario. it was a 'wallet/altnet failed' scenario, becasue citizens were not actually using btc on their own privkeys at the time.
in 2022 el salvador changed its wallet/payment method away from being related to the altnet (you know which one im talking about but i wont mention because it makes certain people cry when i mention it)

The main thing I would like to get is adequate taxes and the ability to keep my money in the form of bitcoins in a safe account. For me, this would be the best option.

People only think what El Salvador did is a failure because their government introduced a centralized wallet but for me it wasn't a big deal at all because its only just a wallet and I think people on their country is not forced to use that wallet. If we think about, we also have centralized exchange and people are in fact loving it over decentralized exchange.

Anyway, if ever my country have adopted btc the way el salvador did, then that's nice. I can now finally spend my bitcoin directly anywhere I like. I expect that a bitcoin city is also going to be made and then we will be seeing bitcoin atm's around, and maybe more optimization and innovation related to btc's are going to come.

What I hope is that if the government legalizes bitcoin in my country, it should provide education to its people in detail about crypto, my country can be quite strange, they want taxes from crypto transactions, but they turn a blind eye to providing education to the public, in their brains they are only taxes from the people, without think about the gaps in society

Most advanced countries I think would only accept the existence of bitcoin and other alts. But making it as legal tender? I don't think that will happen. They are already doing great with the use of their local fiat and when they venture in bitcoin, which is a very volatile market, they would find it very challenging in their system. Aside from the fact that they have no full control of its circulation, which most governments are not in favor of.

But in any case my country will decide to have bitcoin as legal tender. I guess, they will find ways now how to tax their citizens who are into crypto. Wherein, a lot of crypto users in my country are still enjoying for not paying tax with their crypto earnings.

Only weak countries that have no influence over their own economic situation have adopted it so far (no offense intended to any El Salvadoreans here). As it was, El Salvador had nothing to lose by adopting a secondary currency because their first currency was the US dollar - which left them at the whim of US government policy. Most competent governments, who pay their debts, have a central bank which seeks to control their own currency to benefit the national interest. They can print more if it is advantageous, or tighten the budget by trying to soak up excess cash if people are spending too frivolously. No country that has a choice will seek to allow it as an official currency, it pretty much a quirky experiment for the one country to do it so far and it hasn't served them much good.

I don't see a reason for any EU country to adopt bitcoin. They are all too scared to do it because this could potentially be seen as a weakness, an attempt to find other means of making money, a risky investment made by a country that desperately needs to make money. They will allow it to go on, but they won't officially adopt it.

Central banks see it only in black and white. Black - they adopt it and it and it fails costing them money and proving they were naive thinking it could help in any way. White - it becomes popular and undermines their fiat currency, weakening it and allowing people to use something the banks cannot control and make out of thin air. Both options suck for them.

Everything should be planned or well organized and not really to be that hasty because it would really be resulting into not so effective in terms of recognition specially into its citizens.
SO whenever they do make out such decision in terms of adoption then it should really be spread evenly although there would be some opposition but its better that  citizens
are really that fully aware about its pro's and cons which would really neither be resulting into some good consideration or being ignored and stick into those
traditional  ways which we cant really able to tell.

I personally think that if the country I live in is planning to adopt Bitcoin, the most important approach is the support of the entire community that really understands Bitcoin as a whole. In the first sense there must be some kind of learning that is commonplace where Bitcoin is used as a subject. It aims to find out the roots of how Bitcoin works.

This introduction process took a while, so seeing what El Salvador was doing was too hasty. Because there is an opposition that turns out to be a big enough role in the rejection. The conclusion is the approval of all elements of society as users who will later use Bitcoin. If support for Bitcoin adoption in a country is divided between pros and cons, it will be difficult to achieve the ideal Bitcoin adoption goal.

There is a need to a right approach for bitcoin adoption in a country. El Salvador failed to used to right approach to it and hence the failure they encounter now.
El Salvador was in debt, the president still went further to increase government expenditure much higher, the deficit went from 3% to 8.19% and then to 9.20%. After Covid-19 many other country was seeing their deficit going down but he still pushes more spending. El Salvador might have seen bitcoin as a get rich scheme which is never so. The government shouldn’t have invested what can’t be afforded to be lost or from the country’s financial budget. If only they can get out of this dip currently without any effect on the country’s welfare can we say they’ve achieved their aim.

From my perspective government will fined it very difficult to adopt the system of cryptocurrency, and especially the country that fails to recognize cryptocurrency as a legal tender. I believe that before countries Will start making cryptocurrency proper adoption of currency thet most be collaboration that will give values from Bitcoin to fiat currency, because since Bitcoin has been created it's few countries that understand it validation and adopt its values.

If my country's government ever thought of adopting btc as a legal tender, I would expect them to start by education, they endeavor to educate the whole citizens about btc, the good, bad and the important aspect of it. Education and understanding are very important, if the citizens lack the basic and more technical knowledge about btc they won't be able to use and they will free to go back.
So government should first educate its citizens with full knowledge.
Deploy the btc as a legal tender gently bit by bit and give citizens the time to use it and make their own decisions base on it.

If my country is to adopt bitcoin as a currency and/or legal tender, from what I observed in El Salvador situation. I would advice that my country should first use a minimum of 1 year for sensitisation.
You must have to enlighten the masses, especially the uneducated who uses money to buy bread and butter from groceries and street shops. These are the real users of money. In the case of El Salvador, it was this group of people that staged protest against bitcoin because they were misinformed that bitcoin will be the only means of payment. Proper sensitisation would have evaded that incident.

Secondly, I will advice that my country should employ slow adoption. This can start by building a national exchange and make all civil servants create accounts and start recieving salaries with bitcoin, pay their tax in bitcoin.
From there you can start expanding to other sectors and gradually bitcoin will become part of the people.

This question can have many answers depending on your aspect of view, for some people the most people including myself important thing about bitcoin adoption and regulation by the governments is the privacy of bitcoin investors because usually, the most important thing the governments want is to ask people for confirming their identity before each transaction also they want to know how many bitcoins their people have after that they can have plans for milking money and taking tax from the bitconers.

Few years later we'll find the decision taken by El Salvador to be the best. There'll be people who take bitcoin adoption in the positive way as well as people considering it a threat to the economy.

I would like to connect this incident with the pizza buying. Just think, Laszlo bought two big pizza for a transaction of 10k bitcoins. If he haven't taken such a decision what will be the value of bitcoin by now. Now we appreciate what Laszlo have done. Same as that, after years we'll appreciate the decision of El Salvador. Maybe now they're suffering out of the market crash, but surely the country will progress out of bitcoin someday.

I don't know much about the reasons behind the president and government of El Salvador adopting bitcoin other than what the public told ^{[save remittances].} Really if they thought that bitcoin was a get rich quick scheme then I think by now they have lost a lot due to the price drop, and if they did it for that reason then I think it will fail to meet any good results especially regarding adoption.

Still understandable, get rich quick scheme is an alternative agenda that I can understand from your opinion. Maybe true, this is a farce in general and they should focus more on implementing the functionality of bitcoin itself as a sustainable alternative means of payment.

I think that it would not be entirely correct to expect much from the government. Bitcoin is often used as a tool for tax evasion, so I would not count on much.

There's nothing wrong in trying they said but trust no innovative concept that was introduced or implemented that didn't have a flaw and I will advise you did your research when Bitcoin was created it also has some flaws which Theymos was among those that fixed it. Besides, he even once speaks about how Satoshi will contact him for help.

The point is that since El Salvador is the first country to adopt Bitcoin as legal tender it's normal for everything not to be perfect and through their mistake, others will learn because they have acted as the bridge to link BTC legalization as legal tender. Besides, the legalization of Bitcoin is also something like Laszlo who bought 2 big pizzas with 10,000BTC because it will be remembered in the history of Bitcoin.

Having said that, the government of my adopt Bitcoin, what i expected is cryptocurrency taxation, regulation, and an increase in cryptocurrency users.

It will be a little annoying when it comes to making bitcoin a legal payment because it is certain that there will be a bit of a shock caused by this because there will indeed be disputes in this matter which makes this a divisive one.
Bitcoin is still bitcoin and indeed he can be a means of payment but this will only be an option not as a core.